Rising costs forcing would-be millennial homebuyers out
Mar 1, 2017, 8:44 AM | Updated: 9:50 am
When it comes to millennials around Puget Sound, cost is a huge factor in making that decision to purchase their first property. (AP)
(AP)
A new report out Wednesday shows millennials now make up almost half of all homebuyers in the country and many are choosing to buy in the suburbs over the city.
Related: King County’s housing market slows in January
But when it comes to millennials around Puget Sound, cost is a huge factor in making that decision to purchase their first property.
Now, more people aged 18 to 34 are searching for sale signs in neighborhoods.
According to a new report by Zillow:
• Analysts say millennials make up 42 percent of homebuyers last year – most of them buying for the first time.
• The median age of these homebuyers is 33 years old.
• About 50 percent of them are choosing properties in the suburbs, compared to 33 percent in the city.
• 64 percent of them stayed in the same city where they are already living.
Some of the top concerns for millennials in the Puget Sound region are:
• 92 percent said cost of living
• 87 percent said state of the environment
• 69 percent said homelessness
• 37 percent were most concerned about crime
For potential millennial homebuyers, here are the top things they are looking for:
• Easy access to parks.
• Proximity to quality public schools
• A short commute to work or school.
